Time & Attendance
By Staff Report
May. 29, 2009
P&I May 26 Doug Halonen
The Pension Benefit Guaranty Corp. has taken over the defined-benefit pension plan of Contech US of Portage, Michigan, according to a PBGC news release.
The Contech plan, which covers 532 workers and retirees, is 38 percent funded, with assets of $8.4 million and liabilities of $22 million, the news release said. The PBGC expects to cover $12 million of the $13.6 million shortfall.
The plan was frozen on December 31, 2007, according to the release.
Contech, which is under Chapter 11 bankruptcy protection, is selling its divisions and subsidiaries to several third parties in deals that do not include the pension plan, the news release said.
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